18th Feb 2025 11:16
(Alliance News) - Foresight Solar Fund Ltd on Tuesday said low sun hours in the UK posed a challenge in 2024, as it reported a dip in net asset value.
The Jersey-registered investor in solar and battery storage assets said net asset value per share fell 0.3% to 112.3 pence as at December 31, from 112.6p at September 30.
"As previously reported, historically low irradiation in the UK was a challenge throughout the year. This is corroborated by data from the Department of Energy Security & Net Zero showing that 2024 had the lowest number of sun hours since the company's initial public offering in 2013," the company said.
Foresight Solar confirmed a fourth quarter of 2.00p per share, bringing the total payout for 2024 to 8.00p, up 6.0% from 7.55p in 2023.
The company expects to release 2024 results on March 20.
Separately, Foresight Solar said it will appoint Tony Roper as chair in September, replacing outgoing Chair Alex Ohlsson.
Roper is currently chair of SDCL Energy Efficiency Income Trust PLC, which invests in assets in the energy efficiency sector, such as electric vehicle charging infrastructure and geothermal and biogas projects. Roper was appointed to the board of Foresight Solar in November.
Further, the company changed its investment manager fee basis and tiering. Under the current arrangement, the investment manager received an annual management fee calculated at the rate of 1% per year of net asset value up to GBP500 million, and 0.9% of NAV greater than GBP500 million.
Under the new arrangement starting on March 1, the fee calculation "will be capped such that it is the lower of the new arrangement and a calculation based solely on net asset value, as per the old arrangement."
Foresight Solar shares were 0.3% lower at 77.50 pence each on Tuesday morning in London.
By Tom Budszus, Alliance News slot editor
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